ABN GRANITES LIMITED
Your Directors have pleasure in presenting the fifth Annual Report along
with audited statement of accounts for the year ended 30th June, 1995.
Your Directors are however happy to inform you that the year 1994-95 has
been a year of achievement as far as implementation of the project is
concerned. All machines have been commissioned and trial runs have been
made successfully. However, as planned earlier, the Company could not start
commercial production in January 1995 for various reasons.
Your Directors have great pleasure in informing you that the commercial
production has been started with effect from 1st July 1995. The Company has
export orders worth Rs. 100 lakhs on hand and is trying its best to adhere
to the schedule of supply of these export orders. Further, it is hoped that
more export orders will be forthcoming by which it will be possible to turn
around the operation within the shortest time possible.
The Company has started its Marketing Office at Bangalore from 3.10.1995
for making aggressive efforts for securing adequate viable export orders
for its finished goods and rough blocks in a continuous manner for its
Your Directors are happy to inform that the working capital has been
released by Canara bank, Overseas Branch, Ernakulam. Although it may not be
adequate to operate the plant at optimum level, efforts are however made to
get working capital limits enhanced.
Your Directors are confident that the company is heading in right direction
for getting expected results, both from short term and long term point of
M/s. Amaranth Kamath & Associates, the present auditors of the Company,
will be retiring at the conclusion of the Annual General Meeting and has
expressed their liability to continue. M/s. Krishnamoorthy &
Krishnamoorthy, Chartered Accountants, Ernakulam are proposed as the
Auditors for 1995/96. Company has received a certificate from the proposed
Auditors to the effect that their appointment will be in accordance with
the limits specified Section 224(1)B of the Companies Act, 1956.
Mr. Sashidar Menon and Mr. Ashok D. Engineer retire by rotation and being
eligible offer themselves for re-appointment.
Acknowledgement The Directors convey their gratituds with appreciation for
the continued co-operation and support extended by Government of India,
Government of Kerala, IDBI, Canara bank and Department of Mines and
Geology. The Board of Directors also express their satisfaction of the
efforts put in by the employees.
By Order of the Board of Directors
Place : Cochin
Date : 15th November, 1995.